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Wema Bank Joins NGX Banking Index as Flour Mills Exits Consumer Goods, Others

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By Aduragbemi Omiyale

The review of the market indices by the Nigerian Exchange (NGX) Limited has led to the removal of Flour Mills Nigeria from the NGX 30, industrial goods, pension, Pension board and the Meristem value indices.

The end-of-the-year review, according to a statement made available to Business Post, took effect at the opening of the market on Thursday, January 2, 2025.

The NGX 30 index saw the removal of Guinness Nigeria, Sterling Holdings, and Total Nigeria and the inclusion of Conoil, International Breweries, Oando and Transcorp Power.

Also, Golden Guinea Breweries joined the consumer goods index, as the banking index welcomed Wema Bank and witnessed the exit of Sterling Holdings.

Further, the insurance index recorded the addition of Guinea Insurance and

International Energy Insurance and the removal of Lasaco Assurance and Mutual Benefits Assurance, as the industrial goods remained unchanged.

It was observed that the energy index welcomed Aradel Holdings, MRS Oil and Oando and said goodbye to Japaul, as Aradel Holdings and Transcorp Power joined the pension index after Cadbury Nigeria left.

The NGX Lotus Islamic index had Aradel Holdings coming on board as Dangote Sugar left as the corporate governance and Afrinvest Bank Value indices remained intact, with Aradel Holdings added to the NGX Pension Broad index.

In the notice, the Afrinvest Div Yield index welcomed Red Star Express after FCMB Group and Dangote Cement exited, and FCMB Group joined the Meristem Growth index after the duo of Access Holdings and Zenith Bank were removed.

Lastly, the trio of Access Holdings, Dangote Sugar and Zenith Bank were put into the Meristem Value index and the quartet of AIICO Insurance, Nigerian Breweries, FCMB Group and Flour Mills exited.

The chief executive of NGX, Mr Jude Chiemeka, reiterated that the exchange continues to blaze the path to becoming Africa’s foremost Securities Exchange with innovation and product developments that deepen the market and boost liquidity, thus connecting Nigeria, Africa, and the world.

Also, the Head of Trading and Products at the bourse, Abimbola Babalola, emphasized that NGX indices are developed, managed, and rebalanced semi-annually to allow investors to track market movements efficiently and manage their investment portfolios properly.

Designed using the market capitalization methodology, the indices are rebalanced semi-annually on the first business day in January and July, respectively.

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Economy

Buying Pressure Buoys NGX All-Share Index by 0.10%

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By Dipo Olowookere

The Nigerian Exchange (NGX) Limited witnessed continued buying interest from offshore and domestic investors on Thursday, strengthening the market further by 0.10 per cent at the close of transactions.

Data revealed that the All-Share Index (ASI) was up by 105.26 points yesterday to 105,430.15 points from the preceding day’s 105,324.89 points, and the market capitalisation expanded by N65 billion to close at N65.287 trillion compared with the previous session’s N65.222 trillion.

Business Post observed that the market participants showed interest in equities across the key sectors of the exchange because of their prospects to yield better value later.

The insurance counter gained 0.63 per cent, the consumer goods index appreciated by 0.18 per cent, the energy index improved by 0.13 per cent, the banking space jumped by 0.09 per cent, and the industrial goods industry grew by 0.04 per cent.

Eterna chalked up 9.88 per cent to trade at N33.35, Cadbury Nigeria also gained 9.88 per cent to finish at N26.70, Fidson increased its value by 9.77 per cent to N19.10, UPDC rose by 9.77 per cent to N2.36, and Deap Capital soared by 9.38 per cent to N1.05.

On the flip side, Tripple G lost 9.72 per cent to end at N2.23, Golden Breweries receded by 8.91 per cent to N7.87, Veritas Kapital slumped by 7.81 per cent to N1.18, Caverton dipped by 5.53 per cent to N2.05, and Regency Alliance slipped by 4.05 per cent to 71 Kobo.

When the bourse closed for the session, there were 33 price advancers and 23 price decliners, indicating a positive market breadth index and strong investor sentiment.

Yesterday, investors bought and sold 537.2 million shares valued at N23.0 billion in 15,450 deals versus the 1.1 billion shares worth N28.8 billion traded in 15,080 deals on Wednesday, representing a rise in the number of deals by 2.45 per cent, and a decline in the trading volume and value by 49.19 per cent and 20.14 per cent, respectively.

Access Holdings led the activity log with 61.6 million stocks valued at N1.7 billion, Sterling Holdings exchanged 50.2 million equities for N296.2 million, Zenith Bank traded 40.5 million shares worth N2.0 billion, FBN Holdings sold 38.8 million equities valued at N1.3 billion, and UPDC transacted 23.6 million stocks worth N54.4 million.

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Crude Oil Market Dips as Trump Reiterates US Plans to Boost Production

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By Adedapo Adesanya

The crude oil market continued its downward movement on Thursday after the US President, Mr Donald Trump, repeated a pledge to raise his country’s oil production.

Consequently, the price of Brent crude futures fell by 32 cents or 0.4 per cent to $74.29 a barrel and the US West Texas Intermediate (WTI) crude declined by 42 cents or 0.6 per cent to $70.61 per barrel.

President Trump repeated a pledge to boost US production in a bid to lower oil prices and ease consumer inflation. The US is already the biggest crude producer in the world.

This move unnerved traders a day after the country reported a much bigger-than-anticipated jump in crude stockpiles.

Market analysts have questioned whether US oil producers will be willing to pump more barrels in the current market especially with Trump’s tariffs on Canadian and Mexican imports looming.

US government data from the Energy Information Administration (EIA) showed domestic crude stockpiles rose by 8.7 million barrels last week on Wednesday.

Prices also drew support from new US sanctions against individuals and entities for facilitating shipments of Iranian oil to China.

This is as President Trump reimposed a maximum pressure campaign against Iran, but also said he was open to a deal with the oil producing country.

The US said the tankers onboarded Iranian crude from storage in China as part of a scheme involving Iran’s military, which stands to profit from the sale of the oil.

The sanctions block access of the individuals and entities to any of their assets in the US and prohibit US foreign assistance.

China is also not sitting on its oars, it responded to the US blanket tariff of 10 per cent on all Chinese imports with several measured retaliatory tariffs, including a 15 per cent levy on LNG and 10 per cent on crude oil imports from the US.

US crude exports could slide to 3.6 million barrels per day this year, especially if the Trump Administration enacts the tariffs on Mexico and Canada – currently on pause until March 4.

Amid these developments, Saudi Arabia’s state oil company, Aramco has sharply raised prices for buyers in Asia.

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Genesis Energy’s Cutting-edge Solutions Thrill Katsina Governor

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Genesis Energy Governor Dikko Radda

By Modupe Gbadeyanka

The Governor of Katsina State, Mr Dikko Radda, has expressed delight at the technological advancements and operational excellence of a leading provider of integrated energy solutions, Genesis Energy.

Speaking at a tour of the company’s facilities in Lagos and Port Harcourt recently, Mr Radda said, “I am glad with what I saw, and they have really exhibited their capacity in terms of power generation in Nigeria.

“What I have seen here is the turbine system of power generation which they have built for over 10 years, and it’s still running at full capacity.

“Additionally, we have seen how Genesis Energy distributes electricity and the processes of distribution and the efficiency of the service. This visit has really indicated to us that they’re up to the task and they’re capable. I believe that they can handle any project that has to do with power generation in our country,” he stated.

The Governor first visited the organisation’s 84MW off-grid power plant at the Port Harcourt Refinery, the largest licensed facility of its kind in Nigeria.

The visit underscored Genesis Energy’s critical role in providing a stable and efficient power supply to key industrial facilities.

He later proceeded to Genesis Energy’s Lagos power plant in Banana Island, Ikoyi, which features 2×7.5MVA and 15MVA Injection Substations operating at 33/11KV. This facility ensures uninterrupted electricity to commercial and residential areas, further cementing GENESIS Energy’s position as a trusted energy solutions provider.

The visit underscores the growing collaboration between state governments and private sector players in addressing Nigeria’s energy needs, while also reinforcing Genesis Energy’s role in delivering sustainable power solutions nationwide.

“At Genesis Energy, we are driven by the belief that strategic partnerships are essential for unlocking Nigeria’s vast energy potential. As we continue to expand our footprint and innovate in the energy sector, we are proud to support industries, stimulate economic growth, and pave the way for a more sustainable energy landscape.

“We thank Governor Radda for his insightful visit and look forward to future collaborations that will help drive transformative change across Nigeria’s energy sector,” the Executive Vice President of Operations and Maintenance at Genesis Energy Group, Mr Simon Shaibu, remarked.

Over the past decade, Genesis Energy has continued to expand its footprint in the power sector, deploying cutting-edge energy solutions to drive industrialization, economic growth, and enhanced energy security across Nigeria. The company remains committed to supporting national energy objectives through strategic partnerships and long-term investments in sustainable power infrastructure.

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